Global equities have been shaken as a flattening U.S. Treasury yield curve fans worries about a recession, and on growing doubts that Washington and Beijing will be able to clinch a substantive trade deal during a temporary cease-fire agreed at the weekend.

Domestic investors also remained cautious ahead of outcome of the central bank’s monetary policy meeting later in the day, with analysts and economists expecting it to leave interest rates unchanged to support the economy.

A Reuters poll of 70 economists predicted the Reserve Bank of India’s monetary policy committee would hold its repo rate steady this week, and predicted only one more increase, most likely in March.

There are now clearer economic reasons to avoid going higher, analysts said. A pause in rate hikes would also be welcomed by Prime Minister Narendra Modi’s ruling party as it prepares for an election next year.

The broader NSE index declined 0.76 percent to 10,787.40 as of 0622 GMT, while the benchmark BSE index fell 0.68 percent to 35,888.83

The market is following the decline in the U.S. market, which led to weakness in the Asian markets as well. Investors are also awaiting the Reserve Bank of India’s policy meet outcome, said Krish Subramanyam, co-head, equity advisory at Altamount Capital.

“I see this more as some sort of profit taking across the board. Metals are under more selling pressure which may continue.”

Only eight out of the 50 stocks on the NSE index were in the green, with ITC Ltd’s stock being the biggest drag on the index, declining 2.1 percent.

Metals stocks lost shine, with Nifty metal index posting its worst intraday fall since Oct 11. The index lost as much as 3.5 percent.

Shares of Hindalco Industries Ltd and Vedanta Ltd were among the top losers on the indexes, falling up to 4.5 and 3.7 percent, respectively.

Tata Motors Ltd shares fell as much as 3.5 percent after S&P cut credit rating for the automaker and its British luxury car unit Jaguar Land Rover (JLR), citing weaker-than-expected profitability at JLR and uncertainties from Brexit.